Ahlstrom publishes restated historical financial figures excluding Label and Processing
Ahlstrom Corporation STOCK EXCHANGE RELEASE January 28, 2012 at 09.00
Ahlstrom, a global high performance fiber-based materials company, publishes historical restated financial figures for continuing operations for 2011 and January-September 2012.
On November 27, 2012, the Extraordinary General Meeting of the company approved the demerger of the Label and Processing ("LP") business in Europe and the Coated Specialties business in Brazil. Consequently, the business is classified as an asset held for distribution to owners and reported separately as discontinued operations.
The historical restated financial figures from continuing operations are enclosed as a PDF attachment. Key figures are presented in the table below.
| Income Statement | 2011 | 2011 | 2012 | 2012 | 2012 | 2012 |
| EUR million | Q4 | Jan.-Dec. | Q1 | Q2 | Q3 | Jan.-Sept. |
| Continuing operations: | ||||||
| NET SALES | 242.8 | 1025.8 | 260.3 | 261.6 | 248.8 | 770.8 |
| Cost of goods sold | -212.7 | -896.6 | -219.4 | -225.6 | -210.1 | -655.1 |
| Gross profit | 30.1 | 129.2 | 40.9 | 36.0 | 38.8 | 115.7 |
| Operating profit/loss | -3.4 | 2.1 | 9.9 | 3.2 | 5.5 | 18.6 |
| Operating profit/loss % | -1.4% | 0.2% | 3.8% | 1.2% | 2.2% | 2.4% |
| Operating profit/loss excl. NRI | 0.5 | 29.6 | 9,8 | 6.6 | 6.6 | 22.9 |
| Operating profit/loss % excl. NRI | 0.2% | 2.9% | 3.8% | 2.5% | 2.6% | 3.0% |
| Net financial expenses | -4.5 | -20.4 | -4.1 | -4.7 | -4.7 | -13.6 |
| Share of profit/loss of equity accounted investments | -1.6 | -4.0 | 0.0 | -1.7 | -0.8 | -2.5 |
| Profit/loss before taxes | -9.5 | -22.3 | 5.8 | -3.2 | 0.0 | 2.5 |
| Income taxes | 3.7 | 0.2 | -1.9 | 2.9 | -5.5 | 1.6 |
| Profit/loss for the period from continuing operations | -5.8 | -22.1 | 3.8 | -3.7 | -6.2 | -6.1 |
| ROCE % continued operations | -2.6% | 0.0% | 5.1% | 0.8% | 2.6% | 2.9% |
| EPS (Incl. Discontinuing) | -0.34 | -0.81 | 0.14 | -0.05 | -0.14 | -0.04 |
The 2011 and 2012 continuing operations are presented excluding both the Label and Processing ("LP") and the Home and Personal ("HP") businesses. The majority of the HP business was divested to Suominen Oyj in 2011.
Continuing operations are presented in a manner that represents the business and operational organization as well as the revenue and cost structure of the company following the planned transaction with Munksjö (demergers of LP Europe and Coated Specialties). The cost structure between continuing and discontinuing operations has been adjusted with costs that will remain with Ahlstrom after the demergers, but have historically been allocated to the LP Europe and Coated Specialties businesses. Also, net financial expenses are mainly born by the continuing business.
On November 19, 2012, Ahlstrom announced that following the planned transaction, the company would rightsize its cost base and target to achieve a total of EUR 15 million in cost savings within one year of the closing date of the transaction.
The presented figures are unaudited. The historical figures differ to some extent from the pro forma figures published on November 19, 2012. The pro forma figures included certain pro forma adjustments that will only be materialized at the time or after the closing of the transaction, affecting also certain changes in intercompany eliminations.
For more information, please contact:
Seppo Parvi
CFO
Tel: +358 10 888 4768
Liisa Nyyssönen
Vice President, Communications
Tel. +358 10 888 4757
Ahlstrom in brief
Ahlstrom is a high performance fiber-based materials company, partnering with leading businesses around the world to help them stay ahead. Our products are used in a large variety of everyday applications, such as filters, medical gowns and drapes, wallcoverings, flooring, labels and food packaging. We have a leading market position in the businesses in which we operate. Our 5,200 employees serve customers in 28 countries on six continents. In 2011, Ahlstrom's pro forma net sales amounted to EUR 1 billion. The company's share is quoted on the NASDAQ OMX Helsinki. More information is available at www.ahlstrom.com.